Contact Lenses Market is Expected to Grow by 2020 Owing to the Increasing Prevalence of Eye Related Diseases – Research Report by Hexa Research

August 3023:452016

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Contact lenses are used as a fashion statement as novelty products, such as costume lenses and colored lenses. The other drivers of “contact lenses market” are increasing population, fashion statement and technological advancement. By the end of the forecast period, the market value will reach up to US$13.50 billion by 2020.

Contact lenses market is expected to grow over the forecast period owing to the increasing prevalence of eye related diseases such as astigmatism, hypermetropia and myopia. The other drivers of this market are increasing population, fashion statement and technological advancement. By the end of the forecast period, the market value will reach up to US$13.50 billion by 2020. Contact lenses are thin, curve and small in size and won over the cornea. Apart from eye correction these days, contact lenses are used as a fashion statement as novelty products, such as costume lenses and colored lenses. As per the 2009 report, by contact lens spectrum, study says that almost 150 million people are using contact lenses. Traditionally, spectacles is been used as vision correction product, but additional contact lenses are used for ophthalmic disorders correction such as astigmatism, hypermetropia, and myopia. These lenses are also used for enhancing aesthetic appearance as a cosmetic purpose. Additionally, plano sunglasses has pushed or uptake the contact lenses market and led to the reduction in need for dependency on spectacles. As PRK and LASIK surgeries acceptance are increasing globally, so it is hindering in the growth of contact lenses market. Condition like, contact lens-induced acute red eye (CLARE) may occur due to lack of proper eye care and failure to follow replacement schedules.

Product Insights

Contact lenses market is segmented on the basis of product types into rigid gas permeable (RGP) or gas permeable (GP) contact lenses, soft contact lenses, and hybrid lenses. Among these, soft contact lenses held the largest market share in 2013. Further, this market is classified into, weekly (and two weeks), daily disposable, annual, monthly, unplanned replacement schedules or extended wear. Daily disposable lenses are hygiene in nature, high convenience and help decreasing health-related complications and risks. Over the forecast period monthly replacement will also witness the strong growth. Soft contact lenses are made up of silicone hydrogel and normal hydrogel. As compared to regular hydrogel, silicone hydrogel contact lenses allow more oxygen to pass through cornea. Additionally, this contact lens helps in rectifying vision related disorders such as astigmatism and age-related presbyopia. Due to oxygen shortage in cornea, there are chances of occurring problems such as corneal swelling, blurred vision and red eyes. As silicone hydrogel contact lenses allows oxygen to pass through cornea, so it is comfortable for users to wear while sleeping. Rigid gas permeable lenses held the second largest market share in 2013. It is easier to handle, durable, and allows clear vision, but they are not comfortable as compared to soft contact lenses.

Contact lenses market is segmented on the basis of design into toric, spherical, and multifocal. Among these spherical held the largest market share in 2013. As it is shaped in spherical and uniform edge thickness, so it helps in treatment of astigmatism. Toric lenses are made up from both RGP & soft lenses and it has different power on vertical and horizontal orientations. Multifocal contact lenses market was the fastest growing market in 2013, as it is used for enhanced visual acuity, and age related disorder i.e. presbyopia.

Usage Insights

Contact lenses market is segmented on the basis of usages into therapeutic lenses, corrective lenses, prosthetic lenses, cosmetic lenses and lifestyle-oriented lenses. Among these, corrective lenses held the largest market share in 2013. Reason for its dominance is due to increasing population, as majority of population nowadays suffering from various eye related disorders such as astigmatism, hypermetropia and myopia.

Regional Insights

Geographically, the contact lenses market is studied with respect to four regions such as North America, Europe, Asia Pacific and RoW. North America is dominating the whole market with 37% of total global share as of 2013. Reason for its dominance as it has high eye care professionals, increasing patient awareness, availability of technological advancement, high demand for contact lenses and various government & NGO’s initiatives. Asia pacific will show a lucrative growth rate over the forecasted period due the presence of high geriatric population, developing economy, will help this region to grow.

Competitive Insights

The major market players in contact lenses market are Ciba Vision, Bausch & Lomb, CooperVision and Johnson & Johnson. Effective marketing and long term agreements are the major strategies by the companies.

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